Do Florida parents Need Revocable Trusts? A big issue for my Florida parents of young kids is deciding whether their particular circumstances call for the need for a Revocable Trust. An alternative to the Revocable Trust is a complex will with a springing component. This Will allows a trust to “spring to life” if certain conditions occur (“Will/Trust combo”). The inquiry as to the benefits and risks of each estate planning vehicle (Revocable Trust vs. Will/Trust Combo) is, of course, fact specific—it depends on your assets, the age of your kids, how you hold property and your risk tolerance. In other words, it takes analysis. A cookie-cutter plan just won’t cut it. Rather, a deep analysis is required regarding whether you, as a Florida parent, need a Revocable Trust for your family.
When you visit an Estate Planning attorney, your property, money, accounts, life insurance, etc. is analyzed so that you receive recommendations that suit your needs. Relying merely on what your neighbor did, or obtaining a cheap online trust, may end up costing you tens of thousands of dollars later in attorney and court fees. It cannot be stressed enough that estate planning is not a “do-it-yourself” simplicity, unless you have a very simple estate. If you have young kids, you do not qualify for the short-cuts. That is, regardless of the amount of money that you have, Florida parents of young kids do not have simple estates that allow for cookie-cutter plans.